Ambani’s Jio Financial plans to tap StanChart executive as unit CEO

Billionaire Mukesh Ambani’s new financial services firm plans to tap Standard Chartered Plc’s India country manager as its chief executive officer of one of its units, according to people familiar with the matter, as it seeks to entrench itself in a nation where demand for credit is growing rapidly.

Kusal Roy will join Jio Finance Ltd., the non-banking finance arm of Jio Financial Services Ltd., in the coming weeks, the people said, asking not to be identified as the details are private, after he leaves the UK lender. Once Roy joins the firm, Jio Finance will apply for regulatory permission to appoint him as CEO, they added.

Jio Financial has been seeking talent as it expands various services. Among senior appointments, KV Kamath was tapped to be non-executive chairman for Jio Financial before it spun off from Ambani’s flagship company Reliance Industries Ltd. The firm also hired Charanjit Attra from State Bank of India as its chief operating officer.

At StanChart where he joined four years ago, Roy oversaw consumer, private and business banking as well, according to his LinkedIn profile.

A representative for Reliance Industries declined to comment.

Blackrock Inc. has agreed to a joint venture with Jio Financial for wealth management and brokerage services, in addition to another partnership to create affordable digital index-related products. Jio Financial also plans to launch a mutual fund and an insurance business in addition to a payments business. It has applied to the Reserve Bank of India to convert to a core investment company from a shadow lender.

The firm posted net income of 3.11 billion rupees ($37 million) in the quarter ended March, a more than 5 pr cent rise from the previous quarter.